Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [9][15]. Core Insights - The company is experiencing performance pressure due to changes in order delivery schedules and market conditions, with a revenue decline of 10% year-on-year in 2024 and a 32% decline in Q1 2025 [6][8]. - Despite the revenue decrease, the company is increasing its R&D investment, which reached 161 million yuan in 2024, representing a 3% year-on-year growth [7]. - The civil aviation business is expected to become a second growth curve for the company, with significant advancements in technology and successful product deliveries in 2024 [8]. Company Overview - Latest closing price: 11.39 yuan - Total shares: 7.91 billion, with a market capitalization of 9 billion yuan [4]. - The company reported a net profit of 125 million yuan in 2024, down 35% year-on-year, and a projected net profit of 138 million yuan in 2025 [11][12]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are 138 million, 171 million, and 211 million yuan respectively, with corresponding P/E ratios of 65, 53, and 43 [9][11].